Vallejo continues to be one of the hottest markets in the country and why not. Investors are going in and rehabilitating older homes so that the sparkle once again. It continues to be an appealing destination for Millenial first time home buyers working in San Francisco or the East Bay.
Inventory continues to be a problem but it isn’t falling which is good news. Median sold price is up 17% from last January.
It remains to be seen whether or not the current stock market correction will have unexpected ripple effects on the lower price points. My biggest concern is that the correction will make move-up buyers even more wary as there are fewer and fewer homes on the market in the upper end.
There’s a lot to be excited about the future of Vallejo and that message is starting to kick up additional interest. Large swaths of the areas West of I-80 are architecturally interesting, particularly in the Heritage District, St. Vincent’s Hill and downtown.
The city is continuing to transform itself with a burgeoning art scene (check out the 2nd Friday Art Walk each month!) and food scene – if you haven’t checked out the League of Chefs shame on you. All of these add up to a bright future and continue strong increase in housing prices.
